Jerry wrote in OPE-L [3865]:
Suppose the sum of market prices goes up by 10%.
Does this mean that there is an _instantaneous_
increase in the sum of value by 10%? Perhaps we
should discuss *inflation* and the _changing
relation over time_ between value and market
prices.
Alejandro comments:
When you say "sum of value", what do you mean? The sum of
labor-time, i.e the value-substance?
If this is the case, then the equalities still hold and the
total amount of labor-time is the same that in the previous
period.
What changes is the monetary expression of labor (MEL), the
amount of money (value-form) which represents one unit of
labor-time (value-substance). Now, there are necessary more
units of money to represent one unit of labor-time.
If we measure both values and prices either in labor-time
or in money, the two equalities are fulfilled, obviously in
one or another unit of measure (or aspect of value).
Only the MEL change, given your rising prices. IMHO, this
is the most "simple" or basic form of "inflation" we can
find on the basis of Marx's theory of value. A agree
completely with this Jerry's suggestion:
Perhaps we should discuss *inflation* and the
-changing relation over time- between value and
market prices.
However, I do not like your terminology: you say the
relation between "value" (I think you mean "labor-time) and
market prices (i.e. "money market prices").
Alejandro Ramos M
20.12.96